Point72 Asset Management L.P. Boosts Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Point72 Asset Management L.P. increased its position in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 128.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 69,631 shares of the semiconductor producer's stock after buying an additional 39,131 shares during the period. Point72 Asset Management L.P. owned about 0.21% of Silicon Motion Technology worth $3,764,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Perigon Wealth Management LLC bought a new position in Silicon Motion Technology in the 4th quarter worth $431,000. Rhumbline Advisers boosted its holdings in shares of Silicon Motion Technology by 8.7% during the 4th quarter. Rhumbline Advisers now owns 5,668 shares of the semiconductor producer's stock valued at $306,000 after purchasing an additional 453 shares during the last quarter. Choreo LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $209,000. Blue Trust Inc. boosted its holdings in shares of Silicon Motion Technology by 64.7% during the 4th quarter. Blue Trust Inc. now owns 2,248 shares of the semiconductor producer's stock valued at $122,000 after purchasing an additional 883 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Silicon Motion Technology by 7.1% during the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after purchasing an additional 3,875 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of NASDAQ SIMO traded down $1.37 during mid-day trading on Friday, hitting $63.70. 470,664 shares of the company's stock traded hands, compared to its average volume of 384,455. The company's 50-day moving average is $49.74 and its two-hundred day moving average is $52.85. The company has a market capitalization of $2.16 billion, a P/E ratio of 23.68, a PEG ratio of 1.36 and a beta of 0.72. Silicon Motion Technology Co. has a 1 year low of $37.21 and a 1 year high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business's revenue was down 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. Equities analysts anticipate that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology announced that its board has authorized a share buyback program on Wednesday, February 5th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the semiconductor producer to purchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Silicon Motion Technology from a "buy" rating to a "hold" rating in a report on Thursday, February 13th. B. Riley increased their price objective on shares of Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective for the company in a report on Wednesday, April 23rd. Wedbush reissued an "outperform" rating and set a $90.00 price objective on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Finally, Needham & Company LLC dropped their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and a consensus price target of $75.88.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.